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Bloomberg
Dec 9, 2013 5:00am EST
down tax evasion. urged to s are being participa participate. we have all the details. been talking about it. this could be the end of the ing -- bingeing. >> we are at the turning point they the americans believe $100 billion. u.b.s.. has gone after the department of justice saying you notice,ve given we want you on board and go for voluntary disclosures in terms names of people that you have helped evade taxes and swiss saying guys get on board with this program because don't you potentially face criminal investigation and fines. that s one way of jumping and staying in the u.s. and saying to the authorities look, numbers the names and and it definitely has had an impact. in terms of u.s. assets overseen byswiss banks it has dropped 70% and the americans said yeah swiss bank account and the amount of money. >> this is the disclosure. saying i think you should comply now otherwise they say spying. 14 banks are already involved in criminal investigation and go to the after you sites so you have credit suisse, hsbc and they are past that moment. for that.ou continue the conversation
Bloomberg
Dec 4, 2013 8:00pm EST
not work. >> i am ok if you want to stand -- tax stand and say we are taxing you to support people with pre-existing conditions and sick people. i am not ok with messing up all this marketing and making me have maternity and all kinds of stuff in there as some kind of hidden scheme to make the subsidization. if we as a society want to to implement universal health care the way they want, let's at least be honest about it and put a tax on all of us and say we choose to do this. >> you are willing to pay that kind of tax. >> what i be willing to pay for it? i would feel a lot better paying for it as a tax than mucking up the whole incentives within the health-care system. what i be willing to pay for it? yes, i think i would. >> you go to college campuses and you have a central erie that i referred to in the introduction which is that you believe it is unfair what we are doing to young people today. we are burdening them with circumstances that we did not have so that they can take care of us. >> yes. >> that is simplified. you explain. >> the way our entitlement system works is that
Bloomberg
Dec 10, 2013 1:00am EST
deal with tax authority. we have that story from hong kong. hour, we'reer an covering -- covering travel. >> us to you about the big interviews we have coming up on bloomberg. from aris.joined she runs an online beauty supplier. peter long talks was next hour after we get earnings from that business. >> later from the web, paypal president david marcus joins us. that will be at 7:30 a.m. london time. later on bloomberg television, we will be joined by heston blumenthal. >> they were talking about the effectiveness of forward guidance. we have more on what he has been saying. >> he has been. good morning to you both. the issues that he faces with the bank of england very similar to what the u.s. faces. one is the recovery taking hold? two, when is it time to withdraw stimulus. >> historic relationships for monetary policy -- the relationship between monetary policy and a person is purchasing -- purchasing manager would suggest that rates would have increased already. would have been what we had tried it to guard against which would have been a premature withdrawal of monetary stimu
Bloomberg
Dec 5, 2013 4:00am EST
are way out of line with countries like france and germany where taxes are much lower. at this stage of the economic recovery, small and medium-sized businesses need cash. they could bust because of lack of cash. it really needs reforming. >> let's talk about small and medium enterprises. what does this institution find here -- need to do to give suffrage to the small and medium enterprises? it needs to be frozen and then reviewed. these smes also need to have access to finance. fillre trying to for orders from overseas, often turning the down because they can't get the working capital. what they need is a business bank. capital ratherve than having to rely purely on equity. other countries have a business bank. the united states, canada, france, italy, germany has a fantastic business bank. very very important. >> we talk about the small and enterprises, the ability to pay taxes is critical. what additional support would hear?ke to do you really think he is going to give you anything in this statement? >> i would hope he would, but the export support area is a critical area. they wa
Bloomberg
Dec 9, 2013 2:00am EST
tax starting next fiscal year, we decided to reduce by 2.4% and we will be moving forward with reviews and studies on how corporate tax should be in order for japanese companies to stay competitive. thee will have a more from exclusive interview throughout the program. >> ukraine. protesters have flooded the streets of the capital among speculation that the president is going to sign up to a russian trade bloc. david tweed is there. angela merkel must be keeping a close eye on that. >> i want to give you an idea on how much of the german media and political establishment -- i want to show the right side the newspaper. this is the picture on the front and is also on the front of several other national newspapers that the statue of lenin was toppled late last night. and then decapitated. this is a big issue for angela merkel. last week, the german foreign with the president will stop some of the opposition of the coalition is quite well known. he's a former world champion boxer. the interesting thing is angela merkel according to the spiegel has invited him to join the people's party. th
Bloomberg
Dec 8, 2013 6:00pm EST
, when will it be coming? quantitive easing. structural forms. is a consumption tax. it has been given. >> very big right now in terms of what these reforms are going to be. >> that is the question. you can see abenomics continue in rallying the troops. not everybody thinks the momentum is continuing. >> they used to advise. george soros and here he is. may be the fiscal conditions become sound. our life will be terrible. there is no exit. that is borrowing words again. he wants to end deflation. it is extreme. we were told deflation. >> how viable is that? anit is going to have to see extension. if you talk about the wages, it is probably the most important component they need to get on board. it is going to be really hard convincing the rest of the corporations that they should consider the projections. there's a economics theory of what inflation will produce. deflation is ending. biggest rise in winter bonuses. that is a big boost. these will start flowing to japanese consumers who absolutely are dependent. >> they're trying to wire this before the tax comes in. >> the fourth quart
Bloomberg
Dec 10, 2013 2:00pm EST
help me with this, you need to help me think about this? >> this year, especially with taxes, tax rates are up and you have that four percent surcharge, a lot of people are focused on taxes. they have had a good year and they want to harvest any tax losses. fortunately we haven't had a lot of those. they are very focused on tax planning and what to do going forward. our view has been we still like the market. but we still might present some of our exposure and hedge fund and other asset classes. >> what you make of the vulgar rule?- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make sure the banks and big financial institutions do not trade against clients. it is one th
Bloomberg
Dec 8, 2013 8:00pm EST
restructuring as well as the motions of startup businesses. regarding the effective corporate tax rates starting next fiscal year, we have decided to reduce by 2.4%. we will be moving forward with reviews and studies as to how corporate tax should be in order for cap -- japanese companies to stay competitive. there is no end to abenomics. the cabinet will approve the related policies on the growth strategy. we will announce the timing of their execution and administer these policies. >> there is a growing number of criticisms saying that abenomics is running out of steam after .oday by state a showed growth james, why was growth revised down? what is the readthrough for this when it comes to the prime minister's policies? growth was much slower than we expected. it was 1.1% annualized which is lower than the estimate and much lower than the 3.6% we saw last quarter. the two main factors here causing the slowdown were business investment which has stalled and companies drawing down inventories. are going to pick up this quarter and in the next quarter, going until april when the sales ta
Bloomberg
Dec 6, 2013 2:00pm EST
don't use taxes and you don't dos with entitlements, how replace those sequester cuts? lots of ideas on the table, but each has its own issues, critics. some of the ideas, for example, aviation security fee for passengers every time they get plane. airlines don't like that. passengers don't either. some lawmakers call it a tax. aftere trying to go federal, woulders, make them contribute more to their retirement plans. withdoesn't sit well democrats. democrats also hoping to extend emergency unemployment benefits. more time they want that part of the mix. republicans don't like that idea. they think the emergency benefits should be canceled at this it point. john boehner hasn't closed the door completely on the issue, but it's one of the stumbling blocks. and after the report, deirdre, sell.ld be a tougher >> what if there's no deal? what's plan b? both sides are saying we want to avoid anything we can to not have a government shutdown. john boehner has said that there would be at a minimum, by the lawmakers leave for the holidays on friday, at least a temporary spending measure that
Bloomberg
Dec 8, 2013 10:00pm EST
japan is also the anticipation of the sales tax increase. ahab these companies falling back on inventories in anticipation that people will pare back buying after that increase. it lacks you hit it right on the head. on one hand, they gave. with the other hand, they take away. they lay on the sales tax. that squelches consumption. what they need to do is become with theironsistent taxation policy and realtor reform instructional reforms in general. >> they are almost passing the buck on to japanese consumers. >> that has always been the issue. we hope that the consumer sort it out. i think they are on the right track. if the consumer is behind the policy is behind the government, you really want to get japan right. you do have some political will and national sense of purpose. it is a question of whether they will stop making the wrong decision. >> we have talked about japan, but there's a lot more to talk about come including china, thailand, and all the rest. stick around. we will talk about that. the, investors welcoming latest election results from india. we are live in mum
Bloomberg
Dec 7, 2013 12:00am EST
that risk pool. if they are going punt on entitlements and taxes, which they're going to do, they will not do it next year either, are they? >> i am starting to believe that none of that can happen meaning structural changes to entitlements until we have another big election or some kind of big economic shock that forces these lawmakers to come together. the house is a big part of the problem but the senate is becoming a big part of the problem as well. this goes back to politics and the fact that individual lawmakers, republicans specifically are so concerned about challenges from the right instead of having a democrat challenge them that they are not going to cut a deal that makes them look like they are not conservative. >> they only have about a week left, will anything they will get done? >> there are things they have to get done. this year, we have unemployment insurance expiring for 1.3 million americans. there is a farm bill that is expiring. you can see shocks in the dairy market. there is also other housekeeping things. we will confirm another fed governor. there's a lot that
Bloomberg
Dec 10, 2013 8:00am EST
big investments? >> a medical device tax has had a big impact. medical device tax is going to cost us tens of millions of dollars. how much is going to hurt sales. it will hurt bottom line for sure. that has an impact. we have to find other ways to make up for that difference. overall, the medical business is flat. there's a lot of uncertainty about where the affordable care act is going. there is a lot of consolidation going on in the industry. we do not see companies buying the way they were. we do not see the expansion that we saw a couple of years ago. >> you seem passionate. this is something that i think cory can see as well. you say there is a skill gap in the united states. you are having a hard time finding people with the right skills to fill those jobs. you lacking people who are well- trained in science, mathematics, technology. is this right? >> absolutely. we have built new manufacturing plants where we had to spend significant time training people to get up to speed to still his plans, we had to put in place programs so that we can ensure a pipeline of skilled worker
Bloomberg
Dec 9, 2013 9:00pm EST
revenue. no major taxes. kicking the can down the road. >> you heard that right. no push to tackle the major long-term issues. they want to trim automatic spending cuts. that is the sequestration. we are going back on the self imposed budget cuts that were meant to force washington to get tough on spending. that is the mo. republicans have been expecting he would come through. >> i would give the lowest grade to republicans to ryan. he is proving he is a fiscal fake. it is his job to stand up and tell the truth. when he says we can raise spending for defense back to the pre-sequester level or domestic, that is evidence we're going in the wrong direction. >> ouch, paul ryan, that has to hurt. he was president reagan's top budget man. they're supposed to be in ryan's corner. stockman says going back on the sequestration is a load of, you decide. >> it is a washington beltway lie that we cannot live it with a six hundred billion of outlays for defense. 50% more than we had in 2000. we had no new industrial in the -- enemies with us since then 200 billion more than bill clinton left in tod
Bloomberg
Dec 9, 2013 3:00pm EST
. not so well? >> awesome, in the end. ♪ ♪ >> all right, smoke it, sell it, tax it. why not, right? it might be the new slogan for uruguay as they vote for legislation to legalize marijuana on the national level. this is a huge step, they would be the first country to allow this. we have more on this potentially historic decision. this legislation comes straight from the president himself. why is he pushing so hard for this? >> the first seemed to be the asset invite -- advisers, what was the smartest way to deal with it in the country? they said the smartest way to do it would be to legally regulate and tax it, and he said just knew it, and the president i think understands this is an issue of rate significance to young people in the country and i think that youthful perspective is very important and you think about the future of uruguay. >> he has certainly made some very bold moves. he legalize gay marriage, now this. as i look at the proposed legislation it reminds me of what we have seen around the country in various places like mendocino county. registered users will be able
Bloomberg
Dec 6, 2013 7:00pm EST
for two years. it it would set spending cuts. it would not involve any new tax increases or any major entitlement reforms. even at smaller deal is going to be challenge. they have their own set of issues and critics. one idea is the aviation security fee, hitting a passengers every time if i. the airlines don't like that. they want to see workers contribute more to their retirement plans. democrats don't like that, particularly in maryland and virginia. is timeblicans think it to and some of the benefits. if they can't reach a deal by friday, john boehner may kick the can down the road and pass a temporary spending deal that will get past the holidays. nobody like that option. but it is better than the alternative. back to you. >> tonight on political capital with al hunt, former secretary of state, dr. madeleine andight, will discuss china iran. up next, business competition can be a contact sport. we will meet one ceo who was taken a challenge literally. she takes on her rivals and elbow pads and skates and the pack -- in the fast-paced world of roller derby. that and more when bott
Bloomberg
Dec 10, 2013 6:00pm EST
not touching any of the big issues of tax increases or entitlement reforms, but it is good to see they are making a good-faith effort to come together, even though we have the two sides, republicans and democrats have come together to reach a broader outline for a deal, it is still going to take some convincing. some are not happy about having to pay higher premiums for their pensions, so it is something that both sides are still going to have to do a lot of donencing, that we are not and are not closed yet. >> thank you. we will continue to follow this washington. i went to get to some breaking news, and this from the -- i want to get to some breaking news. developing wearable technology, according to two people familiar with this. conn will provide office space and services to at least 20 companies. they are trying to diversify some revenue stream as things threaten to do rail their traditional business. to -- i, i went to go want to go to someone who helped to break this story. first of all, tell us what you know about the actual fund. >> good morning from taipei. well, the key is r
Bloomberg
Dec 9, 2013 10:00am EST
cuts called for by sequestration but it won't do anything about corporate tax breaks. i want to take us to washington and bring in al hunt. i guess i can't believe people are talking about the great he'll be negotiated. what is this deal? no entitlement reform, no tax hikes, that is no nothing. >> it is very close to that. deal that has politics written all over it, not much economics or fiscal sanity. i think they will come up with a deal. it is not certain they can get it through the house and senate. it does nothing for long-term entitlements, nothing for tax loopholes. it only partially replaces the sequester, which most people think is mindless. pure andent for it is simple. for the republicans, they avoid another government shutdown in mid-january. the last one was a disaster for them. ofocrats get to replace some those questioned cuts they find especially onerous. >> it was a disaster for republicans but it was a disaster for the reputation. what about the american people and for trillion dollars in debt? term thatface a short problem. ist they ought to do now figure out a way
Bloomberg
Dec 6, 2013 5:00pm EST
give us 20 $5,000. she could give us the money as a private foundation, but you cannot get a tax deduction for it. robust is a healthy and urbanization, but we did have a deficit. one of the challenges to address was to know longer have a deficit. it created an entity that would enable a structure that would enable one to receive money, and those who gave money to get tax deductions was key. so we got a new irs status, c3 charitable foundation, and we also received chi museum.s the nogu prior to that, the noguchi foundation which was the museum was a program of. >> how would you describe the work of noguchi to those are not familiar with this culture or art? york, mother was from new his father was japanese. he called himself a global artist at the time. it was before the motions of multiculturalism and biracial. he was born in 1904. he was extraordinarily prolific in that he worked in parks, landscapes. he was a precursor to all of the artists that went on to be known as earthwork artists. he did parks, playgrounds, theater curtains, theater sets. he had an association with mart
Bloomberg
Dec 10, 2013 6:00am EST
basis. the public is going to have to repay the debt, the principal, there will be incremental taxes, incremental taxes on my jean, rental cars. the question is whether the public will eventually repay the money. >> what is the new now? ?> as far as facilities >> or the pushback. >> acting strong pushback. -- i think strong pushback. dan francisco has a new facility, the public is involved and it seems to be working well there. a lot depends on whether you can get mixed use development around the facility. alternately bringing new money into the county or municipality. that alone will depend on whether or not it was successful. >> i believe there is a football game in january and february in three feet of snow in new jersey? >> i'm not to mention the ice hockey game in new jersey as well. the facility -- paid for by taxpayers >> the owners were on the hook. but they sold licensing to the public. in some ways the public is paying for the stadium because they have to buy the right to buy the tickets. >> we talked about how fenway park is 100 years old. the vikings are getting a new sta
Bloomberg
Dec 8, 2013 9:30am EST
that risk pool. if they are going punt on entitlements and taxes, which they're going to do, they will not do it next year either, are they? >> i am starting to believe that none of that can happen meaning structural changes to entitlements until we have another big election or some kind of big economic shock that forces these lawmakers to come together. the house is a big part of the problem but the senate is becoming a big part of the problem as well. this goes back to politics and the fact that individual lawmakers, republicans specifically are so concerned about challenges from the right instead of having a democrat challenge them that they are not going to cut a deal that makes them look like they are not conservative. >> they only have about a week left, will anything they will get done? >> there are things they have to get done. this year, we have unemployment insurance expiring for 1.3 million americans. there is a farm bill that is expiring. you can see shocks in the dairy market. there is also other housekeeping things. we will confirm another fed governor. there's a lot that
Bloomberg
Dec 6, 2013 6:00am EST
reduce property taxes and the cost of maintaining foreclosed homes. commodities have been much in the pictures. look at gold, all over the place. mining companies are reacting to the challenges of slashing costs and delaying capital investment. alix steel is here looking at commodities. she knows how to pronounce vale. >> they are the biggest i am producer in the world. that is used to make steel, which is made and everything. what other companies are doing, trimming investments for a third year, selling assets including $10 million of it cold unit. doingo said they were that, trying to trim the fat down. >> everybody else does it. brazil?unique to >> they are based in brazil so the question happens to what is going to happen to brazil's credit-rating? has indit default market trading as if they are linked. swap prices have been rising as a threat of a possible downgrade in brazil. >> you are good at this, link this to the blood we have seen in gold this week. there is a commodities silver cycle, there is a debate along broad come -- along broad movement on commodity pr ices. on this
Bloomberg
Dec 10, 2013 3:00pm EST
down 77% from a year ago. posted fewer tax related adjustments. autozone shares topping estimates. the performance boosted by the addition of new stores in the >> u.s. and mexico. >> -- in the u.s. and mexico. >> coming up on the number one stock of the day, general motors. the government sells its stake in automaker and names the next leader. the first female ceo wille global succeed -- barra willmary succeed as the next ceo. [closing bell] the volcker rule comes into play. we are done about five points there. lost 3/10 of one percent on the s&p. consumer discretionary doing a little bit better. >> stocks are a little bit lower today, but off a fresh record high. the s&p is off by about five. nothing really happened today to change sentiment. are in alike investors .ait-and-see mode washington is trying to come out of the budget talks and negotiations. and we are waiting to see what the fed does next week. nearly one third of economists we have surveyed now think the fed will start to taper. everyone thought it was going to being next -- the end of december. >> he made this point to m
Bloomberg
Dec 6, 2013 12:00pm EST
federal, state, and local taxes. something you do not want to do after a night of drinking whiskey. ski jumping. today's mystery meat. world cup ski jumping event. the jumpers sailed more than the length of a football field. let's watch. ♪ >> let's get you caught up on where stocks are now. we do have stock raking the five-day losing streak and rallying today. this is different than you have seen. in recent days, you get better than estimated economic data, we have had stocks pull back as on deals go higher on the perception the federal reserve will begin tapering the stimulus. -- we have theot two year yield higher. what to make of all of this? there is less than a month left in the year and the markets have been doing very well. joining me now to dive into what could be next is the chief a bankent strategist at visiting us from chicago. good to see you in person. what do you make of today's jobs report and the reaction we are seeing not only in stocks but also bonds? qwest this is a fascinating day that market made up their mind and growth is good. they are not fearing the tape
Bloomberg
Dec 4, 2013 7:00pm EST
taxing some down. clearly, no easy answers when it comes to this issue. still, it is safe to say this will be a primary focus for the obama administration in the months ahead. back to you. >> united states military is facing more but it cuts. hagel announced today that 200 positions will be eliminated from the office of the secretary of defense, but he said there will not be a large number of immediate layoffs. reductions that i have announced today will occur through a process of natural attrition in order to minimize the impact on our workforce. if the department is forced to one steep sequestration cuts the order of $500 billion, we may need to implement additional reductions. hagel adds that cuts will save about $1 billion over time. coming up, the fed says factories are giving the u.s. economy a boost but the latest beige book data is out. we will look at what else is expanding when "bottom line" on bloomberg television continues in just a moment. ♪ collects welcome back. let's show you how the equity markets finished. stocks fell for a fourth day. the longest him in 12 we
Bloomberg
Dec 9, 2013 6:00am EST
of revenue, other fees, things like that. but no mage deer sigses here on taxes or entitlement programs. they're kicking the can down the road. dick doiben the number two senate democrat said negotiations are going in the right direction. >> negotiations are making progress moving in the right direction. they haven't closed the deal. >> they haven't closed the deal. what's needed to close the deal? >> there's some issues out there, sticking points. if they replace the sequester cuts there's going to be criticisms for the idea they put in place. one is asking more federal employees to contribute more to their pension programs. this is adamantly opposed by a ot of federal workers. that's one issue. there are also questions about whether you extend unemployment benefits, emergency unemployment benefits. nancy pelosi would like to see part of the package. but that still is a question mark. it's going to cost about $25 billion. then the bigger question is at the end of the day can whatever ryan and murray put together, can it pass the respective chambers? there's still going to be s
Bloomberg
Dec 5, 2013 8:00pm EST
compound tax- free. >> and will do wonders. start a paper portfolio. i'm going to buy these 10 companies. write down why. what is the reason? and then keep checking one year later. what happened? did they keep growing? do a paper portfolio. you can do what i did. what am i good at? what am i bad that? am i good at turnarounds? maybe i paid too high for a stock. you can do this over four or five years and learn your skills. in a specialized. i owed thousands of come needs. -- of companies. running a $14re billion, did you see in your did you see individuals i am investing for, the firemen down the street. did you? >> almost none of it was pension fund. it was almost all individuals. it was incredible, that thrill. i got letters when the market went down in 1987, people were writing letters to me cheering me up. no complaints. have done wellou for me. >> hang in there. it is amazing. craig still give up now. >> i meet these people all the time. at airports. it was wonderful. the greatest thrill of my life. children and my wife managing money for other people. thee have also seen today whol
Bloomberg
Dec 5, 2013 6:00am EST
. should they be regulated and taxed like a regular taxi commission? number was from leaked documents so it is not confirmed, but it is also a top line revenue number. you have to figure out what their cut is and how it slows down. the $20 million a week is hard to gauge. but the company is clearly making a lot of money and has done extraordinary things. ou and view this as peer to peer sharing, but i also view it ke lifestyle.i a whole generation of people are leaving college and coming into the job market and they are viewing their world and they are saying, hey, i don't actually need to own the assets my parents owned. i don't necessarily need to own an apartment. i can rent. i know people are moving from place to lace. -- place to place. same thing with uber. and same thing with bitcoin. the economy is being restructured and at this point it is hard to discern exactly what the role of government should be. government risk of overreaching -- look, i was on the stand against iker soft in the antitrust case and it is one of the things in my career that i regret because i think it was an
Bloomberg
Dec 6, 2013 10:00am EST
involve any tax increases or major entitlement reforms. none of those big-ticket items. even the smaller deal is proving to be a challenge right now. >> it just seems like every thought that we have had on this set says that we have to have entitlement reform. if those issues are not on the table, what is the point of this? >> the only point is to provide some certainty in the short term. there is a case that we made here, a lot of people are skeptical of. if they can reach the smaller deal in one or two years, maybe that gives a comfort zone or some opportunity to strike a larger deal. they will not cut a grand bargain. certainly with the election coming up, no way they won't mess with entitlements. if that is the case, then a anll deal loan may be option. at least something they could build off of. >> how do you think the tea party will build on this? >> they will not like some things in this. there are some things in here that not everyone likes. there talking about an aviation can -- security fee. that is one issue. it, but ao not like lot of conservatives and democrats think
Bloomberg
Dec 10, 2013 10:00am EST
a grand slam when it comes to saving money on taxes. that's coming up in our "off the charts "here on "market makers" streaming on your smart phone and tablet and also bloomberg.com. ♪ >> general motors is in the spotlight today with the naming of mary barra to be c.e.o. one of her challenges will be to revise the cadillac brand which hasn't led the luxury segment since 1996. jeffrey haslet went to the auto show to talk with the vice president of global design, ed wellburn, to find how the how he and his team have shed the perception that luxury cars for your grandparents. watch. >> here here at the l.a. car show. is this like the prom for you? >> i wouldn't consider it the prom. i mean, it's kind of like a traveling circus. >> i'm looking around on the floor and this doesn't look like my old man's cadillac. in fact, this cadillac behind me which is a designed one looks more like the cadillac i'd buy after his second or third divorce as a guy, right? >> we're having a lot of fun with cadillac. i have to tell you, we have more cadillacs under development today than any other time
Bloomberg
Dec 5, 2013 8:00am EST
fit. will a tax on junk food and soda be a solution? it is not just for drinking and we will talk to a man who claims to have the best whiskey collection in the u.s.. why the drink could make a better investment than stocks. stay "in the loop." we're just getting started on this thursday. >> "in the loop" with betty liu will be right back. ♪ >> well, ford is unveiling the new mustang today at an event that some might call the latest evidence of a renaissance among detroit's automakers. a beautiful card. , and manufacturing in the u.s., but our next guest disagrees. he writes in his latest bloomberg view column economist gary shilling joining us. always rate to see you. see you.to so, why are you so down? >> well, i am not down. taking up in is this country and there is this reassuring, if you will, coming back, but it is robotic- intensive. mean, robotic intensive -- workers are not being hired? >> that is right. the output per employee in manufacturing it is right back on trent, growing 3.5% a year. as a result, with the revival of manufacturing, the employment, although there has b
Bloomberg
Dec 9, 2013 4:00am EST
down on offshore tax evasion. asked buts are being on regulars to participate in a program with american authorities. manus cranny's here at the latest on the story. is this the end of swiss banking secrecy as we know it? >> definitely a turning point. the french and the u.k. all depended on the whistleblower case. with the u.s. goes up in legal battering ram you can be pretty sure the rest will follow. wars on the cards as a department of justice saying listen, you can have a waiver, you can have an exemption, you have to sign up. the regulator and switzerland is saying get on board, get over yourselves. there are 300 banks enough to make the decision with the to join in on a voluntary program with the disclose information or indeed run the risk of quite significant fines and prosecution. >> that is a concern. if you don't sign up now voluntarily, further down the line they could have huge fines. be excluded from doing business in the usa. that is a critical part of the story. >> thank you, manus cranny. brazil's regulators have been cracking down on some big names. one is one
Bloomberg
Dec 5, 2013 10:00am EST
%? certainly. >> what about taxes? don't other aspects of tax reform like closing loopholes and changing the deductibility -- aren't they much more important for your business? >> that would be a material negative to our business. >> are you afraid of tax reform? >> no. the market will adjust. our business will go on. it is happen in places like germany and denmark. happened in places like germany and denmark. it will not be catastrophic for our business. would it be good? no, it would not be good, but i do not see it happening. it is an underpinning of the economy. achievea good way to that. >> let's talk about what you are doing in europe. you move from london to the u.s. 18 months ago. is that giving us a signal that the opportunities are here. no, i was 11 years in london and i wanted to raise my kids as americans. there are great opportunities in europe, but the u.s. is relatively more attractive because in your up you will have more volatility and lower growth. return -- youter ought to earn a better return in europe then the united states . being very selective. we have a
Bloomberg
Dec 10, 2013 3:00am EST
euros to allow the shifting of access to microsoft. they were frozen this year in a tax dispute. siemens is said to be considering a deal of its medical unit. it is not considered to be a core business. the chief executive is evaluating the portfolio of the largest engineering. novartis is considering swapping animal health unit of one with assets rather than selling. face change is one of several options exploring. of you several options that are exploring. the allergy medicine is said to be attractive. announced record profits earlier this morning. manus is here to break down the numbers. what drove the numbers? >> the right product and squeezing margins higher. your speciality products. unique. they said we interact and won't more. that fills the margins. that is doing better. also doing quite nicely and the u.k. and nordics. it is where they are beginning to build the margin. if your shareholder, you get a nice up left on the dividend. ift on the dividend. they are carrying more people in the u.k. and nordics. .hey are building the margin they had a pretty good set of numbers recentl
Bloomberg
Dec 9, 2013 2:00pm EST
avoiding the big questions, no major changes to taxes or entitlement programs. murray and staffers continue to make progress over the weekend but the deal taking shape already has some critics, like powerful maryland and virginia lawmakers proposing that they receive more money for their pension plans. conservative republicans do not like the idea of putting the current spending cap there. democrats want more on emergency spending benefits with unemployment at seven percent, which is a tough sell right now to republicans. a lot of things out there for people not to like in this deal, so it is no slam dunk even if the deal is sealed by friday. >> peter, thank you very much. budgets in washington, d.c. to back in new york and fending off activist investors, at least one in this case. bill ackman, that is one of the names you need to know. herbalife has added an independent orton member with an illustrious career focused on poverty and is approaching investors suggesting they pull money out of the $12 billion firm. it looks like a completely new tactic. we will bring in tangent capita
Bloomberg
Dec 10, 2013 4:00am EST
for business. you make something illegal, you push it underground, you get tax revenue and you stop spending money trying to protect citizens from smoking weed if you make it legal. entertain me for a moment. -- wouldk you would be have to be high to read the whole thing. they went to try to finalize the volcker rule today. >> good segue. >> thank you so much. >> i want to leave you with live pictures that are coming to us from just outside johannesburg from the football stadium in soweto. and south africa pays tribute to nelson mandela. he passed away last week at age 95. ♪ >> this is "bloomberg surveillance." this seventh year of financial crisis, washington says wall street muslims by the vocal role. the customer comes first year it -- comes first. presidents travel to johannesburg to pay respect to the memory of nelson mandela. late,r fedex package is you deserve a refund? this is "bloomberg surveillance ." i'm tom keene. joining me is scarlet fu and alix steel. let's get right to the morning breeze as the ceremonies continue in south africa. >> in china, industrial output ros
Bloomberg
Dec 5, 2013 3:00pm EST
bitcoin has a role to play in countries where citizens face high taxes, high capital controls or confiscation risk. from that point of view that is interesting. >> you have mentioned china. they have come down pretty hard on bitcoin. >> i think so. 70% of the recent turnover in bitcoin exchange basically involved a cnyb on the other side. this has become an object of speculation in china just like other things, even garlic in china. >> people have made comparisons to tulips. there was a professor in the netherlands who made this comparison just this week. you would say no, don't worry about that it, is not a tulip? >> i think right now add today's level, a,000, you can't say clearly it is a bubble. this is where i would disagree with green span. this piece makes that point dwight well. >> david woo disagreeing with allen greenspan. we will be back in two. >> welcome back to "street smart." we had our fifth down day in the market today. trish, you look at where the market closed, the s&p 500 down a half percent. that means we are now down 1.5% over the past five days. >> good econ
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